State treasurer responds to attorney general's opinion

Curtis Loftis’ opinion is the accounting system used to calculate South Carolina’s pension system’s unfounded liability is reckless. | File photo

South
Carolina Treasurer Curtis Loftis released a statement following the
Attorney General’s Office’s issuance of an official position on the state’s
pension system.

Loftis’ opinion has been that the accounting system used to calculate South Carolina’s
pension system’s unfounded liability is reckless. He also believes the
system deceives the public, and requested the Attorney General’s Office
weigh in on the matter.

Its official opinion states that the “open
amortization” method used by the S.C. Public Benefits Authority violates the
constitution.

“I hope this independent legal opinion provided by our
Attorney General’s Office will show once for all that our pension fund
management system is a sham and a major scandal that threatens to bury our state in debt,” Loftis said.

Loftis
said the state is in the process of trying to take away his custodial
authority of the pension, which he believes affects voters because he is an
elected official.

“I have
been a thorn in their side,” Loftis said. “I know that, but someone has to do
it. And now the
people who are routinely breaking the law want to get rid of the
whistleblower.”

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